All of my income is non taxable cause of S.S. benifits as the only income. Is there any reason I should both filing if I don't pay taxes? Like, getting money back for child (dependent) credit?
2007-02-02 10:11:52 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
All of my income is from S.S as is not taxable. Is there any reason to file a tax return. I.E. would I get any money for the child credit?
2007-02-02 10:13:06 · update #1
No reason to file. You wouldn't get the child tax credit, since that only reduces your taxes as low as zero, and you are already at zero taxes.
2007-02-03 10:23:32 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
If you have no tax liability, you won't get the child tax credit. The child tax credit is a nonrefundable credit that can reduce your tax liability, but cannot drop your tax below zero and generate a refund. If you have 3 child or more that qualifies for the child tax credit, then you can get an additional child tax credit that is refundable. The additional child tax credit is the amount of the child tax credit that you would be eligible for ($1,000 per child X the number of children you have, must be 3 or more) less the amount of child tax credit that you actually used.
2007-02-02 10:34:22 · answer #2 · answered by jseah114 6 · 3⤊ 0⤋
You're required to file, even if you don't owe anything.
2007-02-02 10:15:27 · answer #3 · answered by Cardinal Rule 3 · 0⤊ 3⤋